Morning journal and courier., 1887-07-06
THE LITTLE DERBY.

wednesday, jury vs.
THE LITTLE DERBY.
The Committees KepOrt-In Favor of
AcceDttng the Starbuck Offer With
Certain COnditiOns-The Board OF
Aldermen to Tackle the Question
Tonight.
Following is the action of the city's board
of finance de Derby road, made at their
meeting Fourth of July evening:
To the Honorable Board of Common Council
of the City of New Haven:
The board of finance to whom was referred
the proposition of William II. Starbuck to
purchase the interest of the city in the New
Haven and Derby railroad company beg
leave to report that they have had the same
under consideration, together with an
amendment to said proposition, made to his
honor the Mayor, and after due examination
and careful investigation are of the opinion
that the terms proposed by said Starbuek are
the most advantageous to the city, and that
its interests will be best subserved by the &C.
ceptance Of said offer.
The board therefore respectfully recon.
mends that contract be made with said
William II. Starbuck for the sale to him OF
all the city's interest in or claim upon the
New Haven and Derby railroad company
whether as stockholders or creditor (but moi
affecting any right of the city under the In
demnity agreement secured by the mort
gage of July II, 1869, upon the following
terms
The city to convey the interest and claims
SO sold to Samuel E. Merwin, Luzon B. Nor
ris and Ezekiel G. Stoddard as trustees, to be
held by them and the survivors, or survivor
of them, for delivery to said William II. Star
buck upon the fulfllment by him of the fol
lowing conditions:
First-The payment to the city by said
Starbuck upon such conveyance to SAID trus-
tees of the sum of two hundred and seventy
five thousand dollars ($275, 1000.
Second-The provision by said Starbuck
for the payment of all the first mortgage
bonds of the New Haven and Derby railroad
company, at their maturity, so that thereafter
there shall remain upon the property or
franchise of said company no mortgage lien
superior to that held by the city by its mort
gage deed of July II, 1867.
Third-The purchase by said Starbuck OF
all shares of stock of said railroad company
(other than those held by the city at the
rate of $25 per share, if offered to him for
that purpose at New Haven within sixty days
after such conveyance to said trustees.
Fourth-The removal within one year after
such conveyance to said trustees Of the pas
senger and freight stations of said railroad
company in said city to some point west OF
West Water street OF some other point ap.
proved by said trustees which may as well
accomplish the purpose hereinafter stated OF
dispensing with the use of certain grade
crossings, with the stipulation satisfactory to
said trustees that thereafter the tracks of said
company over the highway crossings at grade
easterly of said West Water street shall not
be used for the passage of any trains other
than one made-up train each way to and from
the Starin dock so-called every two hours
such passage to be made at night between
the hours of II pm. and am.
Fifth-A guaranty satisfactory as to Its
security and duration to said trustees that 6
line of steamboats, running between New
Haven and New York in connection with
the railroad of said company, substantially
as at present, shall be hereafter continued
during the continuance of said guaranty.
Sixth-The opening for use in a manner
satisfactory to said trustees within one veal
from such conveyance to said trustees of {
railroad connection between the town O
Derby and Hawleyville. in the town of New
town, running in the same general direction
as the railroad of the New Haven and Derb.
railroad company and forming direct rail
road connection between New Haven ant
Hawleyville by the way of the railroad o
said New Haven and Derby railroad com
pany.
1t is also to be understand that while an.
shares of the capital stock of the New Havel
and Derby railroad company shall be hell
under the aforementioned trust the RICH
of voting thereon at any stockholders meet
| ing of the company is to be exercised by tn
| trustees so holding the same or their dull
authorized attorneys and to be exercised TO
| the purpose of carrying out the objects of tn
| ageement herein contemplated.
| And the board therefore further recon-
L mends the passage of the following order:
Ordered, that the report of the board c
| finance on the matters relative to the Me-
Haven and Derby railroad company be &C
| cepted, and said board are hereby directed
| cause a contract with said William ii. Star
| buck to be prepared in accordance with tn
| recommendations of said report, and tn
| Mayor of the city is hereby authorized 70
and in behalf and in the name of the cit
and in proper form to execute said contrac
and to do any other act that may be neces
sary for the proper effectuation thereof.
All of which is respectfully submitted.
Dated at New Haven this fourth day c
| July, 1887.
SAMUEL A. York, Mayor,
GEORGE L. DIcKERMAN,
SAMUEL 81. BARNES,
JAMES E. Common,
EMILE A. GEssNER,
JAMES T. MORAN,
Of the Board of Finance
Alderman Hemingway, stockholder i
| the Consolidated road, differs from his 81
| fellow members of the board in one particu
lar-the price. With the above report wi
| be handed to the board of aldermen to-nigh
| for action the following statement of MI
Hemingway's view:
1 concur in the above report except ia tn
| matter of price, which 1 deem entirely Insult
| fcient for the property sold and therefor
recommend that the petitioner have leave
l withdraw. SAMUEL HEMINGWAY.
The board unanimously recommend ths
that Consolidated railroad company, tn
Housatonic Valley company and Samuel F
| Mclean be given leave to withdraw their Re